(Also known as "Documentary Credit"), a Letter of Credit is an authority issued by a bank requiring the recipient to pay a sum of money to a specified person or company upon fulfilment of the stipulated terms and conditions See an animation about "Letters of Credit" by clicking here
A letter of credit is a guarantee of payment by a bank (issuing institution)to a third party for a specific amount of money, if certain conditions are met
a document where a commercial bank authorizes a broker-dealer to borrow money as required to meet its obligations The broker-dealer pays an annual fee based on a percentage of the amount borrowed
A guarantee by a bank to honor a borrowing by its customer from a third party, which states the customer has reserved on deposit with the bank sufficient funds to cover the borrowing
Belirli bir nicelikteki para için, bir bankanın yükümlülüğü altında, üçüncü bir kişi yararına bir başka bankada veya aracısında açtırılan kredi: "Akreditifi açtırmadan ithal edilecek malı karşılık olarak gösterme olanağı yok."- Ç. Altan